FOR IMMEDIATE RELEASE
June 27, 2016
10 Questions Candidates Should Answer on Retirement Security
Washington, D.C.—The Financial Services Roundtable (FSR) today called on the presidential candidates to detail their plans on how they will support a system that allows for a secure retirement for all Americans. FSR’s focus on retirement security comes at a time when more than half of Americans are not saving enough for retirement. To help Americans save more, FSR has spearheaded its Save 10initiative, a business to business, peer to peer effort encouraging responsible employers to help their employees better prepare for a secure retirement by enabling them to save 10 percent of their income. 96 companies, covering more than 1.8 million workers, have certified as Save 10 employers.
“The federal government’s policies should incentivize and encourage more Americans to save for retirement and achieve a secure financial future,” said Jill Hoffman, FSR’s Vice President of Government Affairs for Investment Management. “As Americans continue struggling to adequately save for retirement, it’s time for the presidential candidates to make retirement security a top economic priority.”
FSR outlined 10 questions the candidates should answer:
- Do you believe that improving our entire retirement system should be a public policy priority for the United States?
- What would you do to incentivize more small businesses to provide retirement plans and encourage their workers to participate?
- Will you appoint officials that will help small businesses join together to offer retirement options through open multiple employer plans (MEPS)?
- Do you believe the private sector is the best suited to provide retirement saving options for the full spectrum of retirement income needs?
- Do you commit to ensuring the tax code retains incentives to save for retirement?
- Do you support public policy that encourages employers automatically enroll their employees in a retirement plan?
- Do you support public policy that encourages employers to automatically increase their matching contributions in an employee plan?
- Do you support continuing disincentives, such as a tax penalty, for retirement savers who take early withdrawals from their plan?
- What is your plan to make sure Social Security is strong in the long term?
- How would you deal with the current crisis in defined benefit pension plan shortfalls at different locations across the country?
FSR is engaging the candidates on retirement security as a part of its 2016 Presidential Focus Series, an advocacy initiative to highlight issues on which the presidential candidates should focus as they campaign for the Presidency.
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $54 trillion in managed assets, $1 trillion in revenue, and 2 million jobs. Learn more atFSRoundtable.org.